Stockholm, Sweden, February 22, 2016 / B3C newswire / -- Nuevolution AB (publ) announces that it will receive a milestone payment of USD 2 million from its drug discovery collaboration with Novartis.
In August 2009, Nuevolution and Novartis entered into a collaboration to apply Nuevolution’s proprietary Chemetics® drug discovery technology to identify novel small molecule leads against drug targets of interest to Novartis. In 2014 the companies signed a non-exclusive technology licensing agreement to enable Novartis to use this technology internally and to co-produce novel screening libraries with Nuevolution. To date Nuevolution has received an upfront payment, research funding and milestone payments.
“It remains part of our strategy to boost the use of our Chemetics® drug discovery platform in both our internal programs as well as through the application of our discovery platform in strategic partnerships and product licensing arrangements. The collaboration with Novartis supports the attractiveness of our proprietary Chemetics® platform, in the search for the attractive drug candidates addressing major unmet medical needs“, said Alex Gouliaev, CEO of Nuevolution AB (publ). About Nuevolution
Nuevolution AB (publ) is a leading small molecule drug discovery biotech company founded in 2001, headquartered in Copenhagen, Denmark. Nuevolution partners its proprietary discovery platform and programs with pharmaceutical and biotechnology companies to seek future benefit of patients in need of novel medical treatment options. Nuevolution’s internal programs are focused on therapeutically important targets within inflammation, oncology and immuno-oncology. Nuevolution AB (publ) is required to disclose the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was sent for publication on Monday 22 February 2016, 09.00 (CET).
Nuevolution AB (publ) is listed at Nasdaq First North Premier in Stockholm, Sweden (ticker: NUE). Västra Hamnen Corporate Finance AB acts as Certified Adviser to Nuevolution AB (publ).
